ECO-06 Solved Assignment For IGNOU BDP
Course Title: Economic Theory
Questions answered in this solution:
Q. 1. Discuss the validity of the concept of consumer’s surplus in the context of (a) single commodity (b) two or more commodities (c) two or more buyers.
Q. 2. What are the main determinnants of supply of a commodity?
Q. 3. Explain the marginal and average revenues of a firm in both perfect and imperfect competition?
Q. 4. What is full cost pricing? Does it led it to a higher than optimum production?
Q. 5. What are the various sources of profits? Do you think that all profits can be explained in terms of the monopoly power exercised by due producer?